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The most-read AML/CFT & fraud blogs of the year

Kate Randazzo
December 22, 2023
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The most popular financial crime blogs in 2023

Check fraud, the SAFER Banking Act, and BSA exam topics were among Abrigo's top blogs on AML/CFT and fraud this year. 

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Abrigo's top AML/CFT articles

The FinCrime blogs banks and credit unions are reading

Cannabis legislation, check fraud, and exam-proof best practices are hot topics that anti-money laundering/countering the financing of terrorism (AML/CFT) and fraud professionals will be tracking in the coming months. Abrigo's blog covered these and other subjects that are likely to stay in focus in the coming months.

Abrigo, a leading technology provider of software solutions for financial institutions, published more than 52 AML/CFT-specific articles on its industry-focused blog in 2023. Reports on the blog helped thousands of financial crime fighters stay on top of regulatory trends.

Abrigo's most popular financial crime blogs over the last 12 months cover topics that continue to catch the attention of professionals and regulators. Those read most often in the past year include several that offer practical advice for operating AML and fraud programs. Others explain common and emerging fraud trends that compliance staff are working to prevent.

Here are Abrigo’s 10 top AML and fraud blogs in 2023.

Cannabis, board training, and more

Top blogs in 2023 for AML/CFT staff

 

SAFER Banking Act passes Senate Banking Committee

The Senate introduced the newest version of marijuana legislation, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, in September 2023.  As outlined in this post, the SAFER Banking Act would require uniform guidance and examination procedures, updated guidance for hemp-related businesses, language discouraging FIs from denying CRBs service based on “personal beliefs or political motivations," and more. The SAFER Banking Act is awaiting further action in the Senate before going back to the House for another vote. This blog covers the ramifications of the legislation and tips for bankers looking to explore the marijuana-related business space.

 

FinCEN’s check fraud alert: Ten red flags you should know

Check fraud is one of the more common methods of stealing funds from consumers and businesses. Losses from check fraud total $18 billion annually, representing more than a million checks daily. In this post, read about red flags identified by FinCEN and the United States Postal Inspection Service to help financial institutions detect, prevent, and report suspicious activity connected to mail-related check fraud.

Best practices for successful BSA/AML board training

FinCrime professionals have been on high alert for new regulations since the Anti-Money Laundering Act of 2020 (AMLA) was signed into law, but updates have been slow to arrive. One critical aspect of the AMLA did make progress toward the end of 2022: the Corporate Transparency Act (CTA). The CTA mandates the creation of a public database for obtaining and holding beneficial ownership information (BOI) for certain U.S. entities. This post by Abrigo Director of Compliance and Engagement Terri Luttrell, CAMS-Audit CFCS, explains the CTA updates, predictions for the next rulemaking, and key provisions of the regulations. 

How to conduct an exam-proof BSA/AML risk assessment

Determining where to start can be difficult if you are a new BSA Officer creating a risk assessment from scratch. An institution must understand its risk profile to create a risk-based AML/CFT program using guidance from the Federal Financial Institutions Examination Council (FFIEC).  This post by Kevin Gulledge, CAMS, and Terri Luttrell walks readers through effective steps to creating or updating your AML/CFT risk assessment.

“Walkers”: Using the elderly, disabled, and homeless as money mules for check fraud

Financial institutions have been facing a massive spike in check fraud, whether through the alteration of checks with new technology or old-school tactics like money mule scams. Walkers are witting money mules recruited by criminals to deposit compromised/stolen checks in person. Read this post to learn about how criminals are specifically recruiting and targeting elderly, disabled, and homeless individuals for these money mule scams and what you can do to stop it.

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De-risking your SARs: Building SAR relationship exit strategies into your AML/CFT program

Getting stuck in a cycle of repeated SAR filing for the same customer can be a strain on your financial institutions' time and resources. If your financial institution's AML/CFT program spends valuable time filing repeat SARs on customers, read this blog to learn how and when to end the relationship. Other resources for improving your SAR filing process include our SAR writing checklist, and this on-demand webcast on SAR writing.

 

Reg CC: Funds availability requirements and fraud   

Financial institutions’ AML programs, including efforts to prevent fraud and their associated losses, incorporate tremendous resources to be effective. However, banks and credit unions must balance their fraud-fighting obligations with consumer compliance requirements on deposit-availability timeframes and notices under Reg CC.  Read this blog about the rules outlined by Reg CC, the circumstances that allow exceptions, and what to do when your financial institution suspects fraud.

 

FedNow implementation: What fraud and AML professionals need to know

The FedNow Service, which went live this year, is the new instant payments infrastructure developed by the Federal Reserve to enable real-time payments between all financial institutions on behalf of their customers or members. However, faster payments don’t necessarily mean faster fraud, according to the FedNow Service and other industry experts. Read this blog to learn what financial crime staff can do to prepare fraud and AML functions for implementing the FedNow Service for instant payments.

 

7 Fraud and AML compliance reports for bank boards and credit unions

Board members have a responsibility to maintain a safe and sound financial institution, and they rely on the BSA Officer's reports to help. This blog describes several reports that provide financial institution boards with vital information about the fraud and AML/CFT program. It is not an exhaustive list, but it gives good ideas on topics to start sharing. Remember that each institution’s risk profile can be different. Reporting should represent the risk-based approach to AML/CFT compliance.

 

Why internet bank fraud is so much more than IP addresses

When someone inquires about the capability of a system to detect internet bank fraud, encompassing online banking and mobile banking fraud, it's important to clarify what is meant by internet banking fraud and whether their main interest is in detecting money movement, or merely account access. This popular AML blog post runs down ways banks and credit unions can leverage data to focus their efforts on the best outcome.

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Track AML/CFT news regularly

Reading blogs about AML/CFT and fraud issues regularly is one of the best ways to keep your compliance staff updated on the latest regulations, trends, and tips for managing compliance. 

If you’d like to know about the latest resources as they are released, sign up for the FinCrime email newsletter. You can unsubscribe at any time, and you’ll hear about webinars, new blog posts, checklists, guides, and other information right away.

 

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We can help you navigate changing AML/CFT and fraud regulations. Abrigo's BSA and AML software can help you manage customer or member relationships and stay compliant. Talk to a specialist to learn more.
About the Author

Kate Randazzo

Content Marketing Manager
Kate Randazzo is a Content Marketing Manager at Abrigo, where she works with industry thought leaders to create digital content that helps financial institutions better serve their customers. Before joining Abrigo, Kate managed social media and produced articles for Campbell University’s quarterly magazine and other university content initiatives. She earned

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About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

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